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Debit cards in circulation dropped by nearly 10%, or 10 crore cards, between March and May, declining from 92.4 crore to 82.4 crore as more banks replaced magnetic stripe-based cards with chip-based versions. However, credit cards in circulation rose by 10 lakh to reach nearly 5 crore in the same period.
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HDFC Bank MD Aditya Puri said on Friday that his successor should be able to take over his job with only 15 days of mentorship and should not require an 18-month handholding. The head of the largest private sector lender said his successor, a search for whom will begin soon, should be better than him in all respects.
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HDFC Bank’s steady growth and performance are widely attributed to Puri’s no-nonsense approach.
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IL&FS, lenders reach agreement; co tells NCLAT it will take up 10 more companies next.
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This deal with the arm of L&T Finance Holdings marks the bank's first loan to a non-banking finance company.
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IT heads of the three banks began work on a strategy as soon as the merger was made public for a smooth customer experience.
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Time-bound resolutions under bankruptcy law are the key to cleaning up $190 billion stressed loans quickly.
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Walmart-owned e-commerce marketplace Flipkart and Axis Bank have partnered to launch a co-branded credit card. Enabled by Mastercard, the credit card will be available to new-to-credit customers and help Flipkart reduce cash-on-delivery orders. The card will be available to select users in July and will be extended to all customers over the coming weeks.
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For digital businesses, these cobranded credit cards offering cashbacks help improve customer ‘stickiness’ or loyalty to their brand, industry insiders said.
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Despite the government throwing the sector a lifeline in the recent budget, it is unlikely that hiring will pick up at least for the next three to six months, say head hunters and industry insiders.
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IDBI is regarded as a public financial institution under the Companies Act, but the govt has ceded its management control in the firm. Hence, the confusion.
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Noted banker Aditya Puri has advised his peers to clearly separate personal friendships from banking and cited how his bank turned down a loan request from the now-fugitive businessman Vijay Mallya.
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It can be noted that with NPAs waning off, overall bank credit growth grew over 13 percent in FY19 but has been trending lower in the first quarter of FY20.
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The bank has a fortnight back received board clearance for raising Rs 500 crore during 2019-20 by way of qualified institutional placement or any other instrument.
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The bank said it will offer various kinds of banking services and farm-related products on its e-commerce platform.
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Nationalised banks are losing market share to private banks. Not just in deposits and credit, they are also rapidly losing their position as lead bank — the lender which calls the shots in lending to businesses — in many corporate relationships. While most corporates have multiple banking relationships, they can have only one bank that sets the terms and conditions for credit facilities.
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The findings come at a time when greater thrust is being given to relationships in banking.
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The deposits in the account of the beneficiaries, which has been steadily rising, was Rs 99,649.84 crore on June 6 and Rs 99,232.71 crore in the week before.
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Deposits in bank accounts opened under Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the Rs 1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,00,495.94 crore as on July 3.
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The Reserve Bank of India has banned banks from dealing in cryptocurrencies but informal networks abound.
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According to a recent report released by rating agency ICRA, banks have emerged as a large buyer of pooled assets from NBFCs given the liquidity issues faced by the sector during 2018-19.
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SBI ordered investigation; lender suspects diversion of funds, evergreening of loans, preferential transactions.
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A day after Reserve Bank governor Shaktikanta Das said he expects faster transmission of the three successive repo rate cuts, State Bank lowered its lending rates by 5 basis points across all tenors.
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Banks and select financial institutions have reported 44,016 cases of fraud in the last 11 years beginning 2008-09 involving amount of Rs 1,85,624 crore, Rajya Sabha was informed on Tuesday. The year 2016-17 witnessed reporting of 3,927 cases of fraud involving amount of Rs 25,883.99 crore, which was the highest in the last 11 years.
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The cost of a Rs 2,000 currency note fell 65 paise or 18.4 per cent in 2018-19 compared to the year-ago period, according to official data. Introduced after demonetisation in November 2016, Rs 2,000 notes are printed only by the Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL) — a wholly-owned subsidiary of the RBI.
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The findings from the survey for India said that return on average equity dropped from 11.3 per cent in 2014 to -2.0 per cent in 2018.
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Retail inflation likely reached an eight-month high in June on rising food prices, but stayed under the Reserve Bank of India’s medium-term target of 4% for an eleventh straight month, a Reuters poll predicted.
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Deutsche Bank confirmed on Sunday that it was closing huge parts of its trading businesses, with staff in its equities division in Sydney and Hong Kong among the first to be told their roles would go. Staff leaving in Hong Kong were holding envelopes with the bank's logo. Three employees took a picture of themselves beside a Deutsche Bank sign, hugged and then hailed a taxi.
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Two days after the Union Budget, payments companies and fintech startups are approaching the RBI and the government to review its proposal of removing bank charges on electronic payments, saying it will harm adoption and industry growth, three people aware of the matter said.
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The Centre has allowed onetime, six months’ partial credit guarantee to public banks for their first loss of up to 10% for purchase of high-rated pooled assets of Rs 1 lakh crore.
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Deutsche Bank informed hundreds of staff during short meetings that their positions were being cut
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The RBI governor said he expects a quicker transmission of interest rate cuts by banks to consumers by way of cheaper home, auto and personal loans.
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After delivering three back-to-back rate cuts, the Reserve Bank on Monday said it expects a quicker transmission of the interest rate cuts by banks to consumers by way of cheaper home, auto and personal loans. During this year, the RBI reduced the key policy rate thrice with an aggregate reduction of 0.75 percentage point in the repo rate, the rate at which RBI lends to banks.
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British Airways has been fined more than 183 million pounds after computer hackers last year stole bank details from hundreds of thousands of passengers, its parent group IAG said on Monday. In a statement, IAG said the UK Information Commissioner's Office intends to issue the airline with a penalty notice under the UK Data Protection Act, totalling 183.39 million pounds ($229.7 million, 205 million euros).
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Reserve Bank governor Shaktikanta Das on Monday said the central bank will discuss issuance of overseas sovereign bonds with the government. After the customary post-budget meeting with finance minister Nirmala Sitharaman, he said the system has sufficient liquidity and the Budget for 2019-20 has made provision for shadow banking (NBFC) sector.
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As on March 31, 2019, all 18 PSBs meet this minimum CRAR requirement, the minister said in the written reply.
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Raising the issue through a Zero Hour mention, K S Elangovan said wages higher than 10,000 per month should only be credited to the bank account and any less than that can be paid in cash.
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The proposed Rs 70,000-crore capital infusion into public sector banks (PSBs) will provide a timely booster to these lenders, S&P Global Ratings has said. The move, announced in the Budget, is likely to be credit positive for the banking sector and the economy, S&P said in a note titled 'India's Budget attempts to address trust deficit in the financial sector'.
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The finance bill proposes to replace the section that says “there will be four companies” with “there will up to four companies”.
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Several PSBs have been in a precarious situation with repeated capital infusion by the govt over the years pushing promoter holding way above 75%.
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Over 1.75 lakh entities withdrew more than Rs 1 crore each from their bank accounts in 2017-18, adding up to Rs 11 lakh crore, data revealed. Sources said the data threw up instances when money was mostly used for illicit purposes. Through the proposed 2% tax deduction at source, the government hopes to improve tracking of entities that withdraw large amounts of cash.
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The most decisive feature in Sitharaman's otherwise insipid Budget is the support to non-banking financial companies (NBFCs).
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Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender. The bank will scrap its global equities business and scale back its investment bank. It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges.
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The NCLAT order came over the plea filed by the lenders, led by SBI and the Resolution Professional of the company.
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The annual gain from increase in Special Additional Excise duty and road cess on petrol and diesel is Rs 30,000 crore.
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The government’s move to do away with bank charges on electronic payments for businesses with an annual turnover of Rs 50 crore could hit Mastercard and Visa hard as merchants will now find it more profitable to accept UPI and other local e-payments.
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Punjab National Bank (PNB) on Saturday reported a fraud of over Rs 3,800 crore by Bhushan Power and Steel. The exposure of Rs 3,800 crore includes domestic exposure of Rs 3,200 at its Chandigarh branch, overseas exposure of Rs 345 crore at the bank's Dubai branch and Rs 268 crore at its Hong Kong branch, the bank said. The companies are facing multiple investigations after their failure to repay loans to banks.
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